On longer-term charts, we have formed a perfect hammer at the 1.15 level, which is a longer-term “buy-and-hold” signal. This will be exacerbated by the ECB on the 14th, if they make mention of stepping away from quantitative easing which very well could happen.
EUR/USD Daily Forecast - 11 June
The Euro fell initially during the trading session on Friday, reaching down towards the 1.1725 level before bouncing enough to form a hammer. The hammer is in direct competition with the shooting star that was formed on Thursday, and it looks as if the market did in fact rally at the very first opportunity that it had. Because of this, it’s likely that we will continue to try to go higher, and if we can break above the top of the shooting star from the Thursday session, that could open the door to the 1.20 level above.
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